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RANCHO CUCAMONGA, Calif. (5/1/13)--CU Service Centers and its "swirl" logo and signage at participating credit unions will be replaced by CO-OP Shared Branch in a two-year rebranding process.

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Migration to the new logo will occur in a phased approach for the benefit of shared-branch users and participating credit unions and state networks.

The decision on the consumer branding initiative was approved by the boards of directors of Service Centers Corporation (SCC), Credit Union Service Corp. (CUSC) and FSCC LLC, the three entities comprising CO-OP Shared Branching.

"The merger of CO-OP and FSCC last year has led to a rapid expansion of the industry's shared-branching network--and the opportunity to unify the brand and make the unique credit union concept of shared branching much better known to consumers," said Stan Hollen, president/CEO of CO-OP Financial Services. "We can do this by drawing on the CO-OP name, which is already well-known to them through our ATM network."

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CO-OP Financial Services also slightly revising the ATM brand, to ensure that the ATM and shared-branch networks present the same look and feel to consumers. CO-OP Network is being rebranded "CO-OP ATM."

CO-OP Network, which incorporates 30,000 ATMs nationwide, 9,000 of which are deposit-taking, is the largest credit union ATM network, and larger than any network operated by a bank.

Diebold is moving toward a more centralized management structure to drive swift action and clear accountability across its global operations, the company said. As part of the new structure, it identified four long-term transformation initiatives to deliver savings during the multi-year realignment program. They include:

Globalizing the company's service organization and processes to align with the increasingly global and more complex nature of the business;

Creating a unified, center-led global organization for research and development;

Transforming the company's general and administrative cost structure by increasing the use of existing shared-services centers in low-cost regions, instituting common processes and leveraging industry best practices across the company; and

Focusing on commercial effectiveness.

The initiatives are expected to improve cash flow and generate the investment capacity required to execute growth strategies, Diebold said. Additional investments from savings will also be made in research and development--to speed new solutions to market--as well as infrastructure improvements such as information technology systems, to accelerate transformation, improve capabilities and reduce costs, the company added.